Stellantis and Samsung SDI announced today that they have signed binding and definitive agreements for the construction of a production plant for batteries for electric vehicles in Kokomo (Indiana), in the United States. The plant, which is expected to become operational in 2025, will have an initial annual production capacity of 23 gigawatt hours (GWh), with the aim of increasing to 33 GWh in the following years. Furthermore, in light of the forecast growth in demand for Stellantis electric vehicles, the total capacity will increase further. So the two companies in a joint note.
The joint venture will invest over $ 2.5 billion (€ 2.3 billion) and create 1,400 new jobs in Kokomo and surrounding areas. The investment could gradually increase to reach 3.1 billion dollars (2.9 billion euros). The new facility will supply battery modules for a range of vehicles manufactured at Stellantis’ North American assembly plants. Construction activities at the plant are scheduled to commence later this year and production operations will start in the first quarter of 2025.
“A little less than a year ago, with five giant factories between Europe and North America, we are committed to implementing an ambitious electrification strategy,” said Carlos Tavares, CEO of Stellantis. Today’s announcement further strengthens our worldwide battery manufacturing and demonstrates Stellantis’ commitment to creating that carbon-neutral future outlined in the “Give Forward 2030 plan. Grateful to Governor Holcomb, al Secretary Chambers, to Mayor Moore and their teams, as well as to all my colleagues for their support and commitment to bring this operation to Kokomo, a city whose relationship with our company has a rich and long history. ” “We would like to thank the Indiana State officials and Stellantis for helping to make Indiana the final choice for the plant site,” said Yoonho Choi, Chief Executive Officer of Samsung SDI.
“Thanks to the joint venture with Stellantis, we have obtained a solid foothold in the North American market, which is growing rapidly in the electric vehicle segment. We will work hard to satisfy the market by offering superior quality products and we will contribute to meeting the goal of climate change “